€3 mn invested in Swedish fashion-tech firm We aRe SpinDye

Fashion

€3 mn invested in Swedish fashion-tech firm We aRe SpinDye

10 Sep `18

1 min read

Courtesy: We aRe SpinDye

The Textile Innovation Fund and Social Impact Ventures in the Netherlands and China’s Bestbase Group have invested €3 million in Swedish fashion-technology firm We aRe SpinDye, which has developed a sustainable colouring method for synthetic textiles that reduces water usage by 75 per cent, chemicals usage by 90 per cent and energy consumption by a fourth. The method also cuts the carbon dioxide emissions footprint by 30 per cent compared to traditional dyeing, the manufacturer claims.The Textile Innovation Fund and Social Impact Ventures in the Netherlands and China`s Bestbase Group have invested €3 million in Swedish fashion-technology firm We aRe SpinDye, which has developed a sustainable colouring method for synthetic textiles that reduces water usage by 75 per cent, chemicals usage by 90 per cent and energy consumption by a fourth.# The three investors are committed to drive change in the fashion and apparel industry towards a more sustainable and circular production that can be used by companies concerned with resource efficiency, according to a top UK-based textile publication. Eske Scavenius from Social Impact Ventures will join SpinDye’s board of directors. Brands like Bergans of Norway, Quiksilver, Fjällräven and Odd Molly are using the SpinDye-colouring method. The investments will expand the company’s commercial reach and the impact of the brand, scale production capabilities and leverage digital opportunities. (DS)

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